Chile - South Korea Trade 2024 Whole Year: Strong Surplus & Volatility
Key Market Takeaways: Chile - South Korea Trade
The bilateral trade relationship between Chile and South Korea is marked by growth and volatility in 2024, with Chile maintaining a strong surplus.
- Economic Pulse: Chile holds a $3.01B trade surplus with South Korea ($4.67B exports vs. $1.66B imports), though both sides saw sharp monthly swings in trade volumes.
- Exchange Structure: Chile - South Korea trade statistics reveal a resource-for-tech complementarity—Chile supplies ores and copper (70% of exports), while South Korea delivers refined fuels and machinery (30% of imports).
- Strategic Interdependence: The partnership is highly complementary, with South Korea adding value to Chile’s raw materials through industrial processing.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-South Korea Trade Trend in Whole Year 2024
Chile Export Performance: Shipments to South Korea
- Total Volume: $4.67B in 2024.
- Growth Trend & Context:
- Mixed YoY performance: Strong start in January (+19.53%), but sharp declines in February (-26.53%) and March (-54.91%). Recovery in July (+9.12%) was offset by further drops in Q4 (e.g., October -29.87%).
- No specific trade news to explain volatility.
- Key Volatility: February saw the steepest MoM drop (-44.61%), while July had the highest MoM gain (+21.25%).
Chile Import Performance: Sourcing from South Korea
- Total Volume: $1.66B in 2024.
- Growth Trend & Context:
- YoY swings: February (+41.44%) and October (+70.14%) surged, but most months posted declines (e.g., January -41.14%, July -13.27%).
- No news context for fluctuations.
- Key Volatility: February had the highest MoM jump (+146.84%), while December saw the sharpest MoM fall (-33.69%).
Chile - South Korea Trade Balance & Market Dynamics
- Net Position: Chile holds a $3.01B trade surplus with South Korea (Exports $4.67B vs. Imports $1.66B).
- Relationship Status: Chile is a net exporter, with exports nearly triple imports. Volatility in both directions suggests uneven demand or supply chain adjustments.
Chile Import Trend from South Korea 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 102.74M | -10.74% | -41.14% |
| Feb | 253.62M | 146.84% | 41.44% |
| Mar | 166.48M | -34.36% | 26.41% |
| Apr | 135.72M | -18.48% | 35.62% |
| May | 107.60M | -20.72% | -6.17% |
| Jun | 110.43M | 2.63% | -1.33% |
| Jul | 97.76M | -11.47% | -13.27% |
| Aug | 106.20M | 8.63% | -5.05% |
| Sep | 94.19M | -11.31% | -9.38% |
| Oct | 179.03M | 90.06% | 70.14% |
| Nov | 182.51M | 1.94% | 44.01% |
| Dec | 121.03M | -33.69% | 5.15% |
| Total | 1.66B | - | - |
Chile Export Trend to South Korea 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 587.21M | 31.32% | 19.53% |
| Feb | 325.26M | -44.61% | -26.53% |
| Mar | 377.59M | 16.09% | -54.91% |
| Apr | 454.74M | 20.43% | -14.42% |
| May | 402.67M | -11.45% | -30.29% |
| Jun | 387.94M | -3.66% | -33.19% |
| Jul | 470.39M | 21.25% | 9.12% |
| Aug | 408.41M | -13.18% | -28.96% |
| Sep | 311.46M | -23.74% | -6.7% |
| Oct | 285.03M | -8.49% | -29.87% |
| Nov | 328.22M | 15.15% | -10.33% |
| Dec | 331.26M | 0.93% | -25.92% |
| Total | 4.67B | - | - |
Get Historical Chile South Korea Trade Records
Chile-South Korea Top Trading Products in Whole Year 2024
Chile Export Profile: What Does Chile Sell to South Korea
- Top Commodity: Rank #1 export is HS Code 26 (Ores, slag, and ash) at 39.78% of total exports.
- Demand Driver: South Korea uses these raw materials for industrial processing, likely in steel production or electronics manufacturing.
- Concentration: Trade is highly concentrated, with the top two commodities (HS Codes 26 and 74) accounting for 70.21% of exports.
Chile Import Profile: What Does Chile Buy from South Korea
- Top Commodity: Rank #1 import is HS Code 27 (Mineral fuels, oils, and distillation products) at 30.12% of total imports.
- Dependency Nature: Reflects energy security dependency, as South Korea supplies refined petroleum products critical for Chile's energy needs.
Chile - South Korea Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores, copper) while importing refined fuels and machinery (HS Codes 27, 87, 84).
- Value Chain Position: South Korea holds the higher value-add position, supplying processed goods (fuels, vehicles) against Chile's commodity-heavy exports.
Import Analysis by Product: South Korea to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 499.23M | 30.12% |
| 87 | 394.57M | 23.81% |
| 84 | 150.55M | 9.08% |
| 39 | 118.54M | 7.15% |
| 85 | 85.95M | 5.19% |
| 28 | 70.53M | 4.26% |
| 72 | 61.41M | 3.71% |
| 89 | 25.03M | 1.51% |
| 25 | 24.20M | 1.46% |
| 90 | 22.91M | 1.38% |
Export Analysis by Product: Chile to South Korea (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 1.86B | 39.78% |
| 74 | 1.42B | 30.43% |
| 28 | 472.99M | 10.13% |
| 47 | 196.34M | 4.20% |
| 02 | 191.02M | 4.09% |
| 08 | 134.64M | 2.88% |
| 03 | 107.93M | 2.31% |
| 44 | 95.88M | 2.05% |
| 23 | 62.49M | 1.34% |
| 22 | 40.49M | 0.87% |
Check Detailed Chile-South Korea Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade surplus with South Korea is expected to remain robust in 2025, driven by sustained demand for ores and copper (HS Code 26 & 74) in South Korea’s industrial sector. However, the extreme volatility in monthly trade flows—particularly the sharp declines in Q1 and Q4—suggests supply chain disruptions or pricing pressures may persist. Exporters should anticipate tighter margins, while importers of South Korean refined fuels (HS Code 27) must prepare for potential energy cost fluctuations. The Chile-South Korea trade relationship will stay complementary, but diversification and risk mitigation will be critical to stabilizing growth.
Strategic Moves
- Lock in Long-Term Contracts for Ores: Chilean miners should secure multi-year agreements with South Korean buyers to stabilize revenue streams and reduce exposure to spot-market volatility.
- Diversify Energy Imports: Reduce reliance on South Korean refined fuels by exploring alternative suppliers or investing in domestic energy infrastructure to hedge against price spikes.
- Expand Tech & Machinery Imports Strategically: Leverage South Korea’s competitive edge in high-value goods (HS Codes 84, 87) to upgrade Chile’s industrial capacity, but prioritize local partnerships to avoid over-dependence.
Frequently Asked Questions
How did Chile - South Korea trade perform in 2024 Whole Year?
Chile's exports to South Korea totaled $4.67B in 2024, with mixed YoY growth. Imports from South Korea reached $1.66B, showing volatile monthly swings.
What are the top exports from Chile to South Korea?
Chile's top exports to South Korea are ores, slag, and ash (HS Code 26) and copper (HS Code 74), accounting for 70.21% of total exports.
What does Chile import from South Korea?
Chile primarily imports mineral fuels, oils, and distillation products (HS Code 27) from South Korea, making up 30.12% of total imports.
What is the trade balance between Chile and South Korea?
Chile holds a $3.01B trade surplus with South Korea, with exports nearly triple the value of imports. The gap reflects Chile's role as a net exporter.
Chile - South Korea Trade 2023 Q4: Resource-for-Tech Decline
Chile's trade surplus with South Korea narrowed in Q4 2023 as the resource-for-tech exchange weakened. Explore Chile South Korea trade trends and top trading products via yTrade data.
Chile - South Korea Trade 2024 Q1: Copper Fuels Growth
Chile's trade surplus with South Korea hits $767M in Q1 2024, driven by copper exports and tech imports. Explore Chile-South Korea trade trends and top products via yTrade data.
